ECON 2

Disclaimer: Please refer to your syllabus & instructor for the exact topics covered in your course. 

Topic Review Sheets

This document will be added to for the remainder of the quarter. 

Econ 2 Resources Winter 2024

1: Econ 1 Review 

Topics: Opportunity Cost, Perfectly Competitive Markets, Demand/Supply Curves, Demand/Supply Shifters, Market Equilibrium.

Please note that answers can be found on the last pages of the document. 

CLAS Econ 2 Review Sheet 1

Extra Review Practice Problems

CLAS Econ 2 Week 1 Extra Review Practice .pdf

2: GDP 

Topics: GDP: “per capita”, Income/Expenditure, Nominal vs Real, Deflator, Year Comparison.

CLAS Econ 2 Review Sheet 2

3: Growth

Topics: Capital (Traditional vs Human), Production Function, Vicious vs Virtuous Cycle, Inward vs Outward Oriented policies, Brain Drain, Capital Dilution.


CLAS Econ 2 Review Sheet 4

4: Unemployment

Topics: Cyclical vs Natural Rate of Unemployment, Efficiency Wage, Unemployment Rate, Structural Unemployment, Labor-Force Participation Rate, Minimum Wage and Unions.


CLAS Econ 2 Review Sheet 6

5: Inflation 

Topics: Inflation and the Consumer Price Index (CPI)

CLAS Econ 2 Review Sheet 3

6: Consumption and Savings / Investment

Topics: Bonds vs Stocks, Private vs Public Saving, Loanable Funds, Budget Deficit, Interest (Simple/Compounding), Risk Averse, Adverse Selection, Moral Hazard, Efficient Market Hypothesis (EMH).

CLAS Econ 2 Review Sheet 5

7: Financial Sector / International Finance

Topics: What is Money?, Types of Money, Federal Reserve System, Monetary Policy, Open Market Operations, T-Account.


CLAS Econ 2 Review Sheet 7

8: Business Cycles 

Topics: 


CLAS Econ 2 Review Sheet 8

9: IS-MP (Investment Savings - Monetary Policy)

Topics: Quantity Theory of Money, Money Supply/Demand, Classical Dichotomy, Money Neutrality, Velocity of Money, Hyperinflation, “Inflation Tax," Fisher Effect, Costs of Inflation.


CLAS Econ 2 Review Sheet 8

10: Phillips Curve and Inflation

Topics: 

CLAS Econ 2 Review Sheet 10

11: The Fed Model

Topics: 

CLAS Econ 2 Review Sheet 11

12: Monetary Policy

Topics: 

CLAS Econ 2 Review Sheet 12

13: Fiscal Policy

Topics: 

CLAS Econ 2 Review Sheet 9

14: Aggregate Supply & Demand

Topics: Aggregate Demand, Aggregate Supply, Economic Fluctuation, The Wealth Effect, The Interest Rate Effect, The Exchange Rate Effect, Long Run Aggregate Supply (LRAS), Short Run Aggregate Supply (SRAS).

CLAS Econ 2 Review Sheet 9

Practice Exams

Review Sheets

Answers can be found on the last page(s) of the documents. 

Tutor-Specific Resources

UCSB CLAS ECON & STATS